Authorities in Dubai have granted one of the fastest-growing exchange platforms in the crypto industry, Crypto.com, provisional approval to operate in the country.
The crypto exchange was granted a Virtual Asset MVP License, which was issued by the country’s Virtual Assets Regulatory Authority (VARA), an agency established in March to oversee the regulations of virtual assets in Dubai.
Reacting to the development, Dubai’s Minister of State for Foreign Trade, Dr. Thani Al Zeyoudi, said the country is committed to its belief that crypto is key to the revolution of the financial sector.
In his words,
The United Arab Emirates is focused on developing a world-leading environment for innovative technology and collaboration, and we believe the cryptocurrencies, virtual assets, and blockchain will revolutionize the financial services sector.
He further explained that through the activities of its Virtual Asset Regulatory Authority, the country is on course to attract top crypto companies that share the country’s vision and can help it achieve its goal of being a crypto hub.
Kris Marszalek, the co-founder, and CEO of Crypto.com, expressed the exchange’s excitement about being granted a license to operate in one of the most pro-crypto regions in the world.
According to Marszalek,
We are excited to provide more of our products and services in a market of great importance to our business, and one that is equally committed to regulation and compliance.
Last month, Crypto.com announced that it was looking to open a regional hub office in Dubai.
Dubai is Attracting top Crypto Firms
Apart from Crypto.com, other crypto exchanges like WazirX, Binance, ByBit, and a host of others have either moved their headquarters to Dubai or have been granted an operating license by the authorities.
Dubai’s growing position as a favored region for crypto companies is connected to the slew of new legislation adopted by the region to attract the best of the industry to its zone.